From Suez to CLOs
Indosuez Capital blazed a trail in CLOs and its ex-staff are now pivotal players across the industry

Taking coupons into account
Sara Cecchetti and Antonio Di Cesare show that bond yields and spreads are not good indicators of default risk – and that coupon rate is an important driver of the yield curve

Together, they’ve gone far
The stable Wells Fargo team that came together at Wachovia is now backed by one of the big four US banks. It's a combination that dominates in US mid-market CLOs

Managers launched since 2000 rise in credit hedge fund ranking
Oaktree continues to dominate the ranks of the largest credit hedge fund managers but firms launched this century have seen their share of assets rise

Giant takes sharp turn towards CLOs
It is one of the biggest banks, but BNP Paribas moved nimbly after the crisis to build on its position as a leader in credit derivatives by adding a CLO arranging business

Gone but not forgotten
ACA Capital’s spectacular collapse heralded the demise of the monoline business and scattered its employees into jobs right across the credit space

When credit gets ahead of equity
Corporate bonds were regarded as lagging followers of equity markets. But Trace data shows that, in many cases, debt anticipates stock moves

Adding an Asian presence
Taking the plaudits as the first euro CLO 2.0 arranger and turning heads by distributing CLOs to Asia, Credit Suisse has set itself up as a global CLO player.

Oaktree tops first ranking of credit hedge funds
A new ranking of credit hedge funds by assets under management reveals that high yield veterans continue to dominate the business

Oh Brothers, where art thou?
Lehman Brothers’ collapse scattered one of the best regarded structured credit teams in the business around the investment banks and hedge funds of the world

Taking Merton to the extremes
The most widely used credit risk model fails in a financial crisis. David Allen, Akhmad Kramadibrata, Robert Powell and Abhay Kumar Singh show how it can be improved

Re-thinking recovery
Loss-given-default presents an even bigger modelling challenge than default probability. A re-sampling casts light on the best approach

GoldenTree: all part of the process
Senior staff at GoldenTree Asset Management put much of the firm’s huge success down to “the process”, which sees investments made based on quantifiable targets

In defence of the Gaussian copula
It’s been called the model that killed Wall Street, but Jean-David Fermanian argues that the structured credit market’s Gaussian copula model has been unfairly maligned

Plotting the grim reaper’s path
Events such as the October 1987 crash show us that the credit market isn’t random. Actually, it’s all or nothing: business as usual or sudden death

Katonah woes put focus on public credit vehicles
Katonah Capital’s row with Deloitte, its auditor, and its restatement of the fair values of its assets, highlight the difficulty permacaps face in valuing illiquid assets

The prudent choice
Managers at Pramerica Fixed Income (which is called Prudential outside the UK) believe it has the scale and track record needed to secure replacement mandates

Viewpoint: Diversification pays
Jonathan Trutter is chief executive officer of Deerfield Capital Management and head of its bank loan team. He joined Deerfield in 2000 from Scudder Kemper Investments, where he ran the private debt department.

Stanfield gets back to basics
Credit downturns are nothing new to Stanfield Capital – so it has been preparing for the coming default cycle for some time

Keeping out of trouble
Ian Hazelton is chief executive of Babson Capital Europe. He founded the business, then called Duke Street Capital Debt Management, in 2000 as part of the private equity firm Duke Street Capital. In 2004 Babson Capital, which is part of the MassMutual Group, bought the firm from Duke Street Capital.

It’s about leverage
For GSC’s US loan team, liquidity is nice. But what really matters is choosing low levered loans and working with the borrowers

Keeping faith with loans
The loan veterans at Invesco see light at the end of the tunnel. But they haven't seen markets quite like this

Diversify your risk - or make sure you're extremely nimble
Sean Rogister oversees fixed income investments at Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada

CDO deal captains set sail for new waters
CDO deal captains set sail for new waters

End view: Sachsen LB Europe: Pick your yield pick-up with care
End view: Sachsen LB Europe: Pick your yield pick-up with care